Q1 2020: Interim report January-March

1
VATTENFALL INTERIM REPORT JANUARY–MARCH 2020
Interim report
January-March 2020
KEY DATA
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million unless indicated otherwise 2020 2019 2019 months
Net sales 48 160 49 552 166 360 164 968
Operating profit before depreciation, amortisation and impairment losses (EBITDA)1
16 900 12 587 42 445 46 758
Operating profit (EBIT)1
12 313 8 168 22 141 26 286
Underlying operating profit1
10 187 9 673 25 095 25 609
Profit for the period 6 900 6 420 14 861 15 341
Electricity generation, TWh 33.1 35.9 130.2 127.4
Sales of electricity, TWh2
45.5 45.4 3
169.4 169.5
- of which, customer sales 32.7 32.4 119.0 119.3
Sales of heat, TWh 5.4 7.3 17.1 15.2
Sales of gas, TWh 22.7 24.3 59.2 57.6
Return on capital employed, %1
9.4 4
7.1 4
8.5 9.4
FFO/adjusted net debt, %1
25.2 4
18.1 4
26.5 25.2
1) See Definitions and calculations of key ratios for definitions of Alternative Performance Measures.
2) Sales of electricity also include sales to Nord Pool Spot and deliveries to minority shareholders.
3) The value has been adjusted compared with information previously published in Vattenfall’s financial reports.
4) Last 12-month values.
Business highlights, January–March 2020
• Continuity plans implemented amidst COVID-19
• Sale of 11 TWh in nuclear power production rights in
Germany
• Final permit received for construction of the Kriegers Flak
offshore wind farm in Denmark
• Vattenfall selected as preferred partner for a district heating
project in Scotland
• Agreement to build one of Sweden’s largest solar parks
• Sale of energy retail business in the UK
Financial highlights, January–March 2020
• Net sales decreased by 3% (-5% excluding currency effects)
to SEK 48,160 million (49,552)
• Underlying operating profit1
increased by 5% to
SEK 10,187 million (9,673)
• Operating profit1
increased by 51% to SEK 12,313 million
(8,168)
• Profit for the period increased by 7% to SEK 6,900 million
(6,420)
Dividend
• After the end of the quarter, Vattenfall’s Board of Directors
revised its previous dividend proposal for 2019 from SEK
7,245 million to SEK 3,623 million. The proposal was adopted
by the Annual General Meeting

2
CEO’s comments
Vattenfall has had good preparedness to meet the pandemic that we are
currently experiencing. As an operator of societally critical infrastructure,
we have an important mission to continue delivering electricity and heat
even in extreme situations like this. During the quarter we worked to
minimize the risk for our employees at the same time as we implemented
our continuity plans to ensure that our critical operations can continue.
We have seen a substantial drop in prices in the electricity markets. It
began back in January, driven by an unusually warm winter with a high
level of precipitation and strong winds. In pace with the spread of
COVID-19 around the world, the trend strengthened with a decline in
electricity consumption resulting from the shutdown of society and poorer
economic outlook. For Vattenfall, the negative impact of the large price
declines during the quarter was largely countered by price hedges, but
the effects can still be clearly seen in the quarterly result. Against the
background of significantly deteriorated market conditions and
uncertainty about the economic development, the Board of Directors
proposed a revision of the previously proposed dividend for 2019 from
7.2 to SEK 3.6 billion, which was also approved by the Annual General
Meeting.
Despite this development, profit for the period increased by SEK 0.5
billion to SEK 6.9 billion. The increase is mainly explained by higher
earnings from the operating activities together with a one-off effect from
the sale of nuclear power production rights in Germany. A lower return
from the Swedish Nuclear Waste Fund had a dampening effect.
Underlying operating profit increased by SEK 0.5 billion to SEK 10.2
billion. Storm Alfrida, which affected many grid customers in Sweden at
the start of last year, accounted for a large share of the comparison
difference. Our growth in wind power made a positive contribution
together with an earnings improvement in the sales operations. Nuclear
and hydro power experienced a strong negative impact of lower
electricity prices at the same time that production margins narrowed in
the heat operations.
In Power Generation we have handled the more strained market
situation by lowering the output at several nuclear power reactors. We
also chose to delay the restart of Ringhals 1 following this year’s audit.
However, owing to high reservoir levels and the impending spring run-off,
hydro power has a high level of generation. Substantially lower electricity
prices during the quarter were largely compensated by price hedging and
higher earnings from the trading operations. Underlying operating profit
decreased by SEK 0.9 billion to SEK 4.6 billion.
The sales activities remain stable, even though sales through home visits
are strongly limited. A certain drop in volume has been noted for obvious
reasons among our industrial customers. The Customers & Solutions
segment reported an increase in underlying operating profit by SEK 0.6
billion, to SEK 1 billion. We are seeing improved profitability in our
markets on the Continent and continued customer growth in Germany.
During the quarter, for strategic reasons the UK customer base of our
British sales company iSupplyEnergy was sold.
Vattenfall’s wind power generation increased during the first quarter
supported by strong winds and new capacity from the Horns Rev 3
offshore wind farm in Denmark. Underlying operating profit for the Wind
segment grew by SEK 0.7 billion to SEK 2.1 billion. Thus far we have not
seen any significant impact from COVID-19 on our renewable energy
investment projects. On the whole, however, today we have a very
uncertain economic situation, which requires stricter prioritisation of
projects. For example, we have decided to not participate in the
Hollandse Kust Noord offshore wind tender in the Netherlands.
In the distribution operations, our operating expenses returned to more
normal levels compared with 2019, when Storm Alfrida had a significant
negative impact. Underlying operating profit was thereby SEK 0.8 billion
higher and increased to SEK 2.1 billion. Operations are continuing
according to plan and we are increasing our investments even though
there is a risk for project delays due to the current situation.
The heat operations are stable in the prevailing situation. Naturally, they
are also being affected by standstills in customers’ operations and
difficulties with certain maintenance deliveries, for example. However, we
have good cooperation with external partners to reduce risks in these
areas. During the quarter we expanded in energy solutions, and we are
seeing positive development of our investment in district heating in the
UK. Underlying operating profit for the heat business was SEK 0.9 billion.
Adjusted for SEK 0.5 billion in effects from the sale of the district heating
network in Hamburg and the closure of Hemweg 8 in Amsterdam in
2019, this still leaves us with a decrease of SEK 0.1 billion compared
with the corresponding quarter a year ago. The situation remains
strained, with depressed margins for plants that generate electricity using
fossil fuels.
Vattenfall finds itself in a situation with dramatically deteriorated market
conditions. We are working intensively to align our costs, investments
and risks accordingly. But our goal to enable fossil-free living within one
generation remains.
Magnus Hall
President and CEO
Stable quarter but a significantly
deteriorated market situation

3
Group overview
Customer sales development
Sales of electricity, excluding sales to Nord Pool Spot and
deliveries to minority shareholders, increased by 0.9 TWh to
32.7 TWh (32.4). Sales of gas decreased by 1.6 TWh to
22.7 TWh (24.3) as a result of warmer weather in the
Netherlands and Germany. Sales of heat decreased
by 1.9 TWh to 5.4 TWh (7.3).
CUSTOMER SALES (TWh)
Generation development
Total electricity generation decreased by 2.8 TWh to
33.1 TWh (35.9). Lower fossil-based power generation (-2.1
TWh) and nuclear power generation (-1.5 TWh) was
countered to some extent by higher wind power generation
(+1.1 TWh).
ELECTRICITY GENERATION (TWh)
Price development
Average Nordic electricity spot prices were 67% lower, at
EUR 15.5/MWh (46.9) during the first quarter of 2020
compared with the corresponding period in 2019, mainly
owing to a very high hydrological balance. Spot prices in
Germany were 35% lower, at EUR 26.6/MWh (40.9), and
prices in the Netherlands decreased by 37% to EUR
30.5/MWh (48.6). Prices in Germany and the Netherlands
were mainly affected by warm, windy and wet weather.
Electricity futures prices for delivery in 2021 and 2022 were
12%-19% lower in the Nordic countries and 5%-16% lower in
Germany and the Netherlands compared with the first quarter
of 2019.
Compared with the first quarter of 2019, the average spot
price for gas was 48% lower, at EUR 9.7/MWh (18.4). The
spot price for coal was 34% lower at USD 48.9/t (74.4). The
futures price for gas was 27% lower, at EUR 14.4/MWh
(19.8), and the futures price for coal was 29% lower at USD
56.7/t (79.6). The price of CO2 emission allowances remained
stable compared with the same period a year ago at EUR
22.8/t (22.0), but the variation was large during the quarter,
as the COVID-19 crisis had a large impact on prices starting
in mid-March.
AVERAGE INDICATIVE NORDIC HEDGE PRICES (SE, DK, FI)
AS PER 31 MARCH 2020, EUR/MWh
EUR/MWh 2020 2021 2022
33 32 31
ESTIMATED NORDIC HEDGE RATIO (SE, DK, FI) AS PER 31
MARCH 2020 (%)
ACHIEVED NORDIC ELECTRICITY PRICES (SE, DK, FI)1
EUR/MWh
SENSITIVITY ANALYSIS – CONTINENTAL PORTFOLIO (DE,
NL, UK)
+/-10% price impact on future
profit before tax, SEK million2
Market-
quoted 2020 2021 2022
Observed
yearly
volatility3
Electricity +/- 846 +/- 1,311 +/- 1,343 18%-22%
Coal -/+ 77 -/+ 137 -/+ 120 19%-22%
Gas -/+ 433 -/+ 538 -/+ 694 20%-26%
CO2 -/+ 175 -/+ 303 -/+ 292 41%-42%
1) Achieved prices from the spot market and hedges. Includes Nordic
hydro, nuclear and wind power generation.
2) The denotation +/- entails that a higher price affects operating profit
favourably, and -/+ vice versa.
3) Observed yearly volatility for daily price movements for each
commodity, based on forward contracts. Volatility normally
decreases the further ahead in time the contracts pertain to.
Jan-Mar
2020
Jan-Mar
2019
Full year
2019
27 36 32
0
5
10
15
20
25
30
35
Electricity Gas Heat
Jan-Mar 2019 Jan-Mar 2020
0
10
20
Fossil Nuclear Hydro Wind Biomass,
waste
Jan-Mar 2019 Jan-Mar 2020
65
47
26
0
20
40
60
80
2020 2021 2022

4
Net sales
Comment January–March: Consolidated net sales decreased
by SEK 1.4 billion (SEK -2.5 billion excluding currency effects).
The decrease is mainly attributable to lower electricity prices
and lower revenue from the heat operations. This was
countered by higher sales in the Wind operating segment,
driven by portfolio growth and higher generation owing to higher
wind speeds.
Earnings
Comment January–March: Underlying operating profit
increased by SEK 0.5 billion, which is explained by:
• Higher earnings contribution from the Distribution operating
segment (SEK 0.8 billion), mainly owing to the fact that 2019
was charged with costs for Storm Alfrida
• Higher earnings contribution from the Wind operating
segment (SEK 0.7 billion), owing to new capacity and
favourable wind conditions
• Higher earnings contribution from the Customers & Solutions
operating segment (SEK 0.6 billion), mainly owing to
customer growth and a strong contribution from Germany
and lower depreciation in the Netherlands
• Lower earnings contribution from the Power Generation
operating segment (SEK -0.9 billion), mainly owing to lower
electricity prices in the Nordic countries
• Lower earnings contribution from the Heat operating
segment (SEK -0.7 billion), mainly owing to lower production
following the sale of the district heating operations in
Hamburg and the closure of the Hemweg 8 power plant.
Earnings were also affected by unfavourable production
margins and warmer weather
Items affecting comparability amounted to SEK 2.1 billion
(-1.5) and consisted mainly of the sale of nuclear power
production rights in Germany (SEK 1.6 billion), unrealised
changes in market value for energy derivatives and inventories
(SEK 0.4 billion), and dissolution of provisions (SEK 0.4 billion).
Profit for the period was SEK 6.9 billion (6.4), where the positive
effect of the higher underlying operating profit and items
affecting comparability was countered by lower net financial
items associated with a decrease in the fair value of the
Swedish Nuclear Waste fund and higher tax costs.
Cash flow
Comment January–March: Funds from operations (FFO)
increased by SEK 2.4 billion, mainly owing to a higher operating
profit before depreciation, amortisation and impairment losses
(EBITDA). Cash flow from changes in working capital was SEK
-20.8 billion. The largest contributing factors were the net
change in margin calls (SEK -8.4 billion), the net change in
operating receivables and operating liabilities resulting from
seasonal effects in the Customers & Solutions and Heat
operating segments (SEK -6.6 billion), and changes related to
CO2 emission allowances (SEK -5.1 billion).
Important events after the balance sheet
date
• On 21 April Vattenfall’s Board of Directors revised its
previous dividend proposal for 2019, from SEK 7.2 billion to
SEK 3.6 billion. The proposal was adopted by the Annual
General Meeting on 28 April.
• On April 27 the final investment decision was taken to
construct the onshore wind farm South Kyle in Scotland.
Vattenfall has entered a partnership with renewable
infrastructure fund Greencoat UK Wind, who will acquire the
wind farm following its completion.
KEY FIGURES – GROUP OVERVIEW
Amounts in SEK million 2020 2019 2019 months
Net sales 48 160 49 552 166 360 164 968
Operating profit before depreciation, amortisation and impairment losses (EBITDA)1
16 900 12 587 42 445 46 758
12 313 8 168 22 141 26 286
Underlying operating profit1
10 187 9 673 25 095 25 609
Items affecting comparability1
2 126 - 1 505 - 2 954 677
Funds from operations (FFO)1
12 235 9 789 34 949 37 395
Cash flow from changes in operating assets and operating liabilities (working capital) - 20 768 - 20 754 - 18 230 - 18 244
Cash flow from operating activities - 8 533 - 10 965 16 719 19 151

5
0
5
10
15
20
25
30
0
30 000
60 000
90 000
120 000
150 000
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
%MSEK
Adjusted net debt, MSEK
FFO/adjusted net debt, %
Capital structure
Cash and cash equivalents, and short-term investments decreased by SEK 1.4 billion compared with the level at 31 December
2019. Committed credit facilities consist of a EUR 2.0 billion Revolving Credit Facility that expires on 10 December 2021. As per
31 March 2020, available liquid assets and/or committed credit facilities amounted to 30% of net sales. Vattenfall’s target is to
maintain a level of no less than 10% of consolidated net sales, but at least the equivalent of the next 90 days’ maturities.
Net debt and adjusted net debt increased by SEK 17.3 billion and SEK 16.3 billion, respectively, compared with the levels at 31
December 2019. This is mainly attributable to a negative cash flow after investments (SEK -13.1 billion), which is largely explained
by the change in working capital (SEK -20.8 billion), where the effects came from the net change in margin calls, seasonal effects
in the Customers & Solutions and Heat operating segments, and changes related to CO2 emission allowances.
NET DEBT ADJUSTED NET DEBT
Strategic targets and target achievement
In 2015 Vattenfall’s Board of Directors decided that Vattenfall’s strategic objectives should be 1) Leading towards Sustainable
Consumption and 2) Leading towards Sustainable Production, with 3) High Performing Operations and 4) Empowered and
Engaged People. Effective 1 January 2016 Vattenfall’s Board adopted six strategic targets linked to these four strategic
objectives. These strategic targets are outlined below. Though our strategy remains directionally the same, a new element has
been added to reflect the importance of a connected and optimised energy system to enable fossil-free living. The updated
strategy is described in more detail in Vattenfall’s Annual and Sustainability Report 2019.
Strategic focus area Targets for 2020 Q1 2020 Full year 2019
Leading towards Sustainable
Consumption
1. Customer engagement, Net Promoter Score
relative to peers1
(NPS relative): +2 +1 +1
Leading towards Sustainable
Production
2. Aggregated commissioned new renewables
capacity 2016-2020: ≥2,300 MW
3. Absolute CO2 emissions pro rata: ≤21 Mt
1,308 MW
3.9 Mt
1,226 MW
19.3 Mt2
High Performing Operations 4. Return On Capital Employed (ROCE), last
12 months: ≥8% 9.4% 8.5%
Empowered and Engaged
People
5. Lost Time Injury Frequency (LTIF): ≤1.25
6. Employee Engagement Index3
: ≥70%
1.9
-
2.1
69%
1) The target is a positive NPS in absolute terms and +2 compared to Vattenfall’s peer competitors to be achieved by 2020.
2) Including the heat operations in Hamburg, which have been sold and where emissions amounted to 1.1 Mt during the period January-September.
3) Documentation for measurement of target achievement us derived from the results of an employee survey, which is conducted on an annual basis.
0
30
60
90
120
0
30 000
60 000
90 000
120 000
Q4
2019
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
%MSEK
Interest-bearing liabilities, MSEK
Net debt, MSEK
Gross debt/equity, %
Net debt/equity, %

6
Operating segments
Underlying operating profit
Customers & Solutions 1 019 397 1 337 1 959
Power Generation 4 557 5 438 15 437 14 556
- of which, trading 1 774 871 1 794 2 697
Wind 2 146 1 486 4 155 4 815
Heat 880 1 530 550 - 100
Distribution 2 074 1 267 4 998 5 805
- of which, Distribution Germany 332 360 1 132 1 104
- of which, Distribution Sweden 1 744 895 3 856 4 705
Other1
- 457 - 361 - 1 274 - 1 370
Eliminations - 32 - 84 - 108 - 56
Underlying operating profit 10 187 9 673 25 095 25 609
1) “Other” pertains mainly to all Staff functions, including Treasury and Shared Service Centres.
Customers & Solutions Power Generation
– Generation
Power Generation
– Markets
Wind Heat Distribution

7
Customers & Solutions
The Customers & Solutions Business Area is responsible for
sales of electricity, gas and energy services in all of Vattenfall’s
markets.
Improved earnings mainly driven by sales in Germany
• Strong contribution from sales in Germany and further
customer growth
• Sale of UK retail business to EDF and of UK e-vehicle
charging network to Statkraft
• E-mobility partnership with lubricant manufacturer Castrol
Net sales decreased slightly during the first quarter of 2020,
mainly owing to lower prices in the Nordic countries and the
Netherlands and to lower volumes in these markets due to
warmer weather. This was partly offset by a larger customer
base in Germany, higher volumes in the B2B segment in France
and positive currency effects. Underlying operating profit
increased mainly as a result of customer growth and a strong
contribution from sales in Germany and lower depreciation in
the Netherlands, as the customer contracts included in the
acquisition of Nuon are now fully depreciated.
The customer base of Vattenfall’s British electricity and gas
sales business, iSupplyEnergy, was acquired by EDF in March.
In connection with this transaction, Vattenfall’s total customer
base decreased from 10.2 to 10.0 million contracts. Vattenfall
also sold its e-vehicle charging network in the UK to Statkraft.
However, this does not affect overall e-mobility growth
ambitions, which are continuing in other markets. Vattenfall also
continues to develop new renewable energy production, heat,
B2B sales and distribution in the UK. Financial effects related to
the transactions will be reported after their finalisation.
In January Vattenfall entered into a partnership with lubricant
manufacturer Castrol under which Vattenfall’s EV charging
solutions are being offered to car dealerships in Germany.
Vattenfall will also be able to offer photovoltaic charging stations
and green electricity to the dealerships. The first charging
station was installed at the start of the year outside Hamburg.
KEY FIGURES – CUSTOMERS & SOLUTIONS
Net sales 26 280 26 687 89 859 89 452
External net sales 25 860 25 864 87 343 87 339
Underlying operating profit before depreciation, amortisation and impairment losses 1 242 783 3 021 3 480
Underlying operating profit 1 019 397 1 337 1 959
Sales of electricity, TWh 26.4 24.2 89.5 91.7
- of which, private customers 8.5 8.8 28.0 27.7
- of which, resellers 2.2 1.6 6.5 7.1
- of which, business customers 15.7 13.8 55.0 56.9
Sales of gas, TWh 21.4 22.5 54.2 53.1
Number of employees, full-time equivalents 3 167 3 112 3 150

8
Power Generation
Power Generation comprises the Generation and Markets
Business Areas. The segment includes Vattenfall’s hydro and
nuclear power operations, maintenance services business, and
optimisation and trading operations including certain large
business customers.
Hydrological balance well above normal puts pressure
on electricity prices
• Lower prices largely countered by hedges and higher
realised earnings from the trading operations
• Sale of 11 TWh of nuclear power production rights in
Germany
Net sales decreased as a result of lower electricity prices in the
Nordic countries and lower internal sales, which were largely
offset by a positive hedge result and currency effects.
Underlying operating profit thereby also decreased mainly as a
result of lower achieved prices, which was partly compensated
by a higher realised earnings contribution from the trading
operations.
Nuclear power generation decreased by 1.5 TWh, mainly due to
the closure of Ringhals 2. Combined availability for Vattenfall’s
nuclear power plants during the first quarter was 95.4% (91.8%).
Due to the current circumstances, the restart of Ringhals 1
following its annual audit has been pushed back until after the
summer.
Hydro power generation decreased by 0.2 TWh compared with
the same period a year ago. At the end of the first quarter,
Nordic reservoir levels were at 37% (23%) of capacity, which is
12 percentage points above the normal level and unusually high
ahead of the impending spring run-off.
An additional 11 TWh of production rights from the Krümmel
nuclear power plant in Germany were sold to PreussenElektra.
Vattenfall’s share of the purchase price was SEK 1.6 billion. The
legal proceedings concerning PreussenElektra’s lawsuit on the
free transfer of 44 TWh of production rights from the co-owned
nuclear power plant are ongoing.
The portfolio of renewable power purchase agreements (PPAs)
has grown by 2 GW compared with a year ago, to 8 GW.
Vattenfall is now one of the three largest actors in Germany with
a portfolio of 6.2 GW.
A ten-year contract was signed with a subsidiary of Deutsche
Telekom to supply electricity from a new solar park in Germany
owned by a third party. The park has planned capacity of 60
MW, and construction is expected to start in mid-2021.
A price hedging contract has been entered into with Bane NOR,
a state-owned company responsible for railway infrastructure in
Norway. The contract covers 1.1 TWh and pertains to hedges
for part of Bane NOR’s electricity consumption in Norway.
KEY FIGURES – POWER GENERATION
Net sales 26 244 34 479 102 378 94 143
Underlying operating profit before depreciation, amortisation and impairment losses 5 541 6 364 19 207 18 384
- of which, trading 1 774 871 1 794 2 697
Electricity generation, TWh 22.7 24.4 89.0 87.3
- of which, hydro power 9.9 10.1 35.7 35.5
- of which, nuclear power 12.8 14.3 53.3 51.8
- of which, resellers 5.1 6.4 22.8 21.5
- of which, business customers 0.5 1.1 4.2 3.6
Sales of gas, TWh 1.3 1.8 5.0 4.5

9
Wind
The Wind Business Area is responsible for development,
construction and operation of Vattenfall’s wind farms as well as
large-scale and decentralised solar power and batteries.
Significant earnings improvement following record
production and capacity growth
• Strong winds combined with new capacity from the Horns
Rev 3 offshore wind farm
• Final permit received for the Kriegers Flak offshore wind
farm
Net sales and underlying operating profit increased during the
first quarter of 2020 owing to new capacity (mainly the Horns
Rev 3 offshore wind farm in Denmark) and higher production
from strong winds. In February a record high level of wind power
generation was achieved despite difficulties in conducting
maintenance work caused by the strong winds.
In February the Danish Energy Agency (DEA) granted final
approval for the Kriegers Flak offshore wind farm. Once
completed in 2021, the wind farm will have a capacity of 605
MW, corresponding to the annual electricity consumption of
600,000 households. This entails an increase in Danish wind
power generation capacity by 18%.
Vattenfall is growing in wind power in the Netherlands. Among
other projects, work is in progress on the Wieringermeer
onshore wind farm (303 MW), where 27 turbines have now been
installed. The project is expected to be completed on schedule
during the third quarter of 2020. However, Vattenfall has
decided to not participate in the tender for the Hollandse Kust
Noord offshore wind farm.
The first electricity was generated from the large-scale solar
energy project (7 MW) in Coevorden, the Netherlands. In
Amsterdam, 17,000 solar panels were installed on one of the
property company Merin’s buildings. This makes the project the
largest rooftop-based solar power system in the city, with total
capacity of 4.8 MW.
After the end of the quarter, the final investment decision was
taken to construct the onshore wind farm South Kyle in
Scotland. The installed capacity will be 240 MW which
corresponds to the annual electricity consumption of
approximately 170,000 UK households. Vattenfall has entered a
partnership with renewable infrastructure fund Greencoat UK
Wind, who will acquire the wind farm following its completion.
KEY FIGURES – WIND
Net sales 4 732 3 657 13 492 14 567
Electricity generation - wind power TWh 3.6 2.5 9.7 10.8
Number of employees, full-time equivalents 1 052 906 1 000

10
Heat
The Heat Business Area comprises Vattenfall’s heat business
(district heating and decentral solutions) and gas- and coal-fired
condensing plants.
Expansion in energy solutions and district heating in
parallel with continued margin pressure in condensing
business
• Vattenfall selected as preferred energy partner for a district
heating project in Midlothian, Scotland
• Contract to build one of Sweden’s largest solar parks
Unfavourable spreads for gas- and coal-fired power
generation and warm weather had negative earnings
impact during the quarter
Net sales and underlying operating profit decreased compared
with the same period a year ago, mainly owing to the sale of the
district heating operations in Hamburg in September 2019 and
the closure of the Hemweg 8 coal-fired power plant in December
2019. These effects impacted the comparison for net sales by
SEK 1.8 billion and for underlying operating profit by SEK 0.5
billion. Lower clean dark spreads and clean spark spreads
contributed to lower electricity generation, while sales of heat
decreased as a result of warmer weather. Compared to year-
end 2019, the number of customers increased by 0.4% to 1.8
million households.
In the UK, Vattenfall was selected as the preferred energy
partner by the Midlothian Council for a project in Scotland. The
project is a 50/50 joint venture and pertains to development of a
district heating network that will initially source heat from a
waste and recycling plant to some 1,800 households. This will
reduce carbon emissions by 75% compared to conventional gas
boiler heating, and over time the network will be expanded to
also include other low-carbon sources of heat.
Vattenfall has entered into an agreement to design and build
one of Sweden’s largest solar parks in Uppsala commissioned
by the property company Vasakronan. 11,000 solar panels will
be installed on an area of approximately 7 hectares with
planned output of 4.4 MW, corresponding to the electricity
needs of 240 households.
In February Vattenfall’s majority share (55%) in the
Rugenberger Damm waste incineration plant in Hamburg was
sold to the plant’s other partner, Stadtreinigung Hamburg. The
deal has economic effect from 1 January 2020, and the
transaction is expected to close in May.
In February a new heat system was commissioned by the
German military in Altenstadt, entailing a complete phase-out of
coal as a source of heat for operations. The system was
installed by Vattenfall and is based mainly on biogas, resulting
in an annual reduction in CO2 emissions by approximately 3,000
tonnes.
KEY FIGURES – HEAT
Net sales 7 052 10 537 31 403 27 918
Underlying operating profit 880 1 530 550 - 100
Electricity generation - TWh 6.8 9.0 31.5 29.3
- of which, fossil-based power 6.7 8.8 31.1 29.0
- of which, biomass, waste 0.1 0.2 0.4 0.3
Sales of electricity business customers, TWh 0.3 0.3 1.2 1.2
Sales of heat, TWh 5.4 7.3 17.1 15.2

11
Distribution
The Distribution Business Area comprises Vattenfall’s electricity
distribution operations in Sweden, Germany (Berlin) and the UK.
Costs brought back to normal level with only mild
winter storms
• Underlying operating profit improved, mainly owing to high
costs for Storm Alfrida in the 2019 comparison period
• Procurement of electricity meters that meet new functional
requirements in Sweden
• Agreement to build the Nordic region’s largest battery
storage facility in Uppsala
• Investments increased by 44% compared with the
corresponding quarter a year ago
Net sales were unchanged during the first quarter of 2020 as a
change in the tariff structure in the Swedish regional network
was offset by the effect of lower distributed volumes in local
networks and a lower contribution from Germany. Underlying
profit increased as a result of lower costs, which were elevated
in the preceding year by the impact of Storm Alfrida. The winter
storms this year had a limited earnings impact.
Vattenfall continues to invest in the electricity network, and total
investments in the distribution operations amounted to SEK 1.5
billion during the quarter, an increase of 44% compared with the
first quarter of 2019.
On 1 October 2019, new functional requirements were
introduced in Sweden for smart electricity meters and metering
equipment. The new meters measure more frequently and
provide more metering data, which promotes efficient grid
operation. Another benefit is that they can handle consumption
and production in the same meter, which will facilitate future
growth in microgeneration. The requirements are to be met by
1 January 2025. A procurement was recently concluded that
covered both meters and installation work. Replacement of the
first meters will start in 2021.
A combination of high growth, housing construction and the
establishment of new, electricity-intensive industries has
resulted in a shortage of capacity in the electricity network,
especially in urban areas and Sweden’s Mälardalen region.
Uppsala Municipality is experiencing rapid growth, with a
greater need for electricity as a result. To enable continued
expansion, an agreement was signed to build the Nordic
region’s largest battery storage facility with enough capacity to
operate the entire municipality’s street lighting. The battery
storage facility is part of an innovation project in which new
business models and capacity services are being tested.
Vattenfall is developing new solutions for using the Swedish
electricity network more efficiently until it can be built out. In
Uppsala a new marketplace for output flexibility has been
started within the framework of the EU CoordiNet project. A
number of different actors working with everything from heat
pumps, gas turbines and electric vehicle chargers are active in
the new marketplace with the aim to contribute to increased
flexibility in the electricity network.
In Germany, the legal process over the concession for the
electricity network in Berlin is ongoing. The award of the
concession to the city-owned company Berlin Energie was
rejected in court at the end of 2019. Berlin Energie, in turn,
appealed this ruling to the city’s Higher Regional Court, and
documentation for its appeal was filed in February. A judicial
review is expected to take place in September, however, the
legal processes are expected to continue for several years.
Vattenfall is continuing its investments and digitalisation of
Berlin’s electricity network. Smart electricity meters will be
installed, and Vattenfall’s subsidiary Stromnetz Berlin received
clearance from the Federal Office for Information Security (BSI)
to begin work after the summer. In total, 88,000 meters will be
installed during the coming ten years.
KEY FIGURES – DISTRIBUTION
Net sales 6 144 6 132 22 540 22 552

12
Other
Other pertains mainly to all Staff functions, including Treasury
and Shared Service Centres.
Net sales consist primarily of revenues attributable to
Vattenfall’s service organisations such as Shared Services, IT
and Vattenfall Insurance.
KEY FIGURES – OTHER
Net sales 1 399 1 353 5 556 5 602
External net sales 37 26 164 175
Underlying operating profit before depreciation, amortisation and impairment losses - 244 - 163 - 457 - 538
Underlying operating profit - 457 - 361 - 1 274 - 1 370

13
Consolidated income statement
Net sales 48 160 49 552 166 360 164 968
Cost of purchases - 24 893 - 27 720 - 87 580 - 84 753
Other external expenses - 3 556 - 4 801 - 22 675 - 21 430
Personnel expenses - 5 140 - 5 116 - 20 249 - 20 273
Other operating income and expenses, net 2 155 439 6 167 7 883
Participations in the results of associated companies 174 233 422 363
Operating profit before depreciation, amortisation and impairment losses (EBITDA) 16 900 12 587 42 445 46 758
Depreciation, amortisation and impairments - 4 587 - 4 419 - 20 304 - 20 472
12 313 8 168 22 141 26 286
Financial income 5
193 1 258 2
2 703 2
1 638 2
Financial expenses3,4,5
- 3 611 2
- 1 565 - 6 522 - 8 568 2
Profit before income taxes 8 895 7 861 18 322 19 356
Income taxes expense - 1 995 - 1 441 - 3 461 - 4 015
Attributable to owner of the Parent Company 6 587 5 7136
13 173 14 047
Attributable to non-controlling interests 313 7076
1 688 1 294
Supplementary information
Financial items, net excl. discounting effects attributable
to provisions and return from the Swedish Nuclear Waste Fund - 1 237 - 763 - 3 774 - 4 248
1) Including items affecting comparability 2 126 - 1 505 - 2 954 677
- of which, capital gains 1 393 3 538 3 146
- of which, capital losses - 6 - 6 - 25 - 25
- of which, impairment losses - 1 — - 1 459 - 1 460
- of which, provisions 428 — - 3 431 - 3 003
- of which, unrealised changes in the fair value of energy derivatives 968 - 870 - 1 688 150
- of which, unrealised changes in the fair value of inventories - 530 - 682 - 556 - 404
- of which, restructuring costs - 18 - 101 - 148 - 65
- of which, other non-recurring items affecting comparability 1 284 - 239 815 2 338
2) Including return from the Swedish Nuclear Waste Fund - 1 644 1 022 2 252 - 414
3) Including interest components related to pension costs - 136 - 221 - 871 - 786
4) Including discounting effects attributable to provisions - 537 - 566 - 2 297 - 2 268
5) Items affecting comparability recognised as
financial income and expenses, net — 2 - 1 - 3

14
Consolidated statement of
comprehensive income
Other comprehensive income
Items that will be reclassified to profit or loss when specific conditions are met
Cash flow hedges - changes in fair value 344 - 2 107 181 2 632
Cash flow hedges - dissolved against income statement 1 692 - 1 107 - 5 641 - 2 842
Cash flow hedges - transferred to cost of hedged item - 51 - 17 - 34 - 68
Hedging of net investments in foreign operations - 1 987 - 963 - 1 275 - 2 299
Translation differences, divested companies — — - 94 - 94
Translation differences 5 013 2 047 2 728 5 694
Income taxes related to items that will be reclassified 292 1 231 2 157 1 218
Total items that will be reclassified to profit or loss when specific conditions are met 5 303 - 916 - 1 978 4 241
Items that will not be reclassified to profit or loss
Remeasurement pertaining to defined benefit obligations 2 890 — - 4 577 - 1 687
Income taxes related to items that will not be reclassified - 867 — 1 244 377
Total items that will not be reclassified to profit or loss 2 023 — - 3 333 - 1 310
Total other comprehensive income, net after income taxes 7 326 - 916 - 5 311 2 931
Total comprehensive income for the period 14 226 5 504 9 550 18 272
Attributable to owner of the Parent Company 13 377 4 584 1
7 757 16 550
Attributable to non-controlling interests 849 920 1
1 793 1 722

15
Operating segments, Vattenfall Group
External net sales
Customers & Solutions 25 860 25 864 87 343 87 339
Wind 3 061 1 839 6 578 7 800
Heat 4 339 5 706 15 947 14 580
Distribution 4 971 4 910 17 903 17 964
- of which, Distribution Germany 1 433 1 475 6 498 6 456
- of which, Distribution Sweden 3 510 3 402 11 288 11 396
Other1
37 26 164 175
Total 48 160 49 552 166 360 164 968
Internal net sales
Customers & Solutions 420 823 2 516 2 113
Wind 1 671 1 818 6 914 6 767
Heat 2 713 4 831 15 456 13 338
Distribution 1 173 1 222 4 637 4 588
- of which, Distribution Sweden 112 129 509 492
Other1
1 362 1 327 5 392 5 427
Eliminations - 23 691 - 33 293 - 98 868 - 89 266
Total — — — —
Total net sales
Customers & Solutions 26 280 26 687 89 859 89 452
Wind 4 732 3 657 13 492 14 567
Heat 7 052 10 537 31 403 27 918
Distribution 6 144 6 132 22 540 22 552
Other1
1 399 1 353 5 556 5 602
Eliminations - 23 691 - 33 293 - 98 868 - 89 266
Total 48 160 49 552 166 360 164 968

16
Operating profit before depreciation, amortisation and impairment losses (EBITDA)
Wind 3 540 2 738 9 645 10 447
Heat 1 798 2 389 4 957 4 366
Distribution 2 907 2 050 8 236 9 093
Other1
- 242 216 3 097 2 639
Eliminations - 32 - 84 - 108 - 56
Total 16 900 12 587 42 445 46 758
Underlying operating profit before depreciation, amortisation and impairment losses
Wind 3 540 2 741 9 620 10 419
Heat 1 816 2 400 4 409 3 825
Distribution 2 910 2 051 8 248 9 107
Other1
- 244 - 163 - 457 - 538
Eliminations - 32 - 84 - 108 - 56
Total 14 773 14 092 43 940 44 621
Operating profit (EBIT)
Wind 2 146 1 483 3 603 4 266
Heat 861 1 519 354 - 304
Distribution 2 071 1 266 4 986 5 791
Other1
- 454 19 2 279 1 806
Eliminations - 32 - 84 - 108 - 56
Operating profit (EBIT) 12 313 8 168 22 141 26 286
Financial income and expenses - 3 418 - 307 - 3 819 - 6 930
Profit before tax 8 895 7 861 18 322 19 356
Underlying operating profit
Wind 2 146 1 486 4 155 4 815
Heat 880 1 530 550 - 100
Distribution 2 074 1 267 4 998 5 805
Other1
- 457 - 361 - 1 274 - 1 370
Eliminations - 32 - 84 - 108 - 56
1) “Other” pertains mainly to all Staff functions, including Treasury, Shared Service Centres and material capital gains and -losses.

17
Consolidated balance sheet
31 Mar 31 Mar 31 Dec
Amounts in SEK million 2020 2019 2019
Assets
Non-current assets
Intangible assets: non-current 19 763 19 029 18 735
Property, plant and equipment 261 842 246 251 256 700
Participations in associated companies and joint arrangements 5 087 5 480 4 827
Other shares and participations 343 340 333
Share in the Swedish Nuclear Waste Fund 44 260 43 406 45 691
Derivative assets 12 199 10 643 7 788
Deferred tax assets 16 016 12 335 14 583
Other non-current receivables 5 641 6 009 5 537
Total non-current assets 365 151 343 493 354 194
Current assets
Inventories 13 506 12 952 13 353
Intangible assets: current 5 659 3 841 135
Trade receivables and other receivables 32 364 28 980 26 345
Contract assets 254 301 188
Advance payments paid 15 215 4 129 3 996
Derivative assets 15 388 12 898 10 080
Prepaid expenses and accrued income 10 361 10 854 7 853
Current tax assets 1 405 1 624 1 163
Short-term investments 22 972 14 555 22 551
Cash and cash equivalents 8 734 12 233 10 604
Assets held for sale 1 285 8 661 318
Total current assets 127 143 111 028 96 586
Total assets 492 294 454 521 450 780
Equity and liabilities
Equity
Attributable to owner of the Parent Company 107 008 92 680 1
93 631
Attributable to non-controlling interests 15 269 15 933 1
14 891
Total equity 122 277 108 613 108 522
Non-current liabilities
Hybrid Capital 21 098 20 096 20 164
Other interest-bearing liabilities 50 742 48 980 52 405
Pension provisions 42 660 40 037 44 026
Other interest-bearing provisions 103 570 94 320 102 395
Derivative liabilities 11 480 10 249 7 833
Deferred tax liabilities 16 971 14 725 14 713
Contract liabilities 8 589 7 819 8 462
Other noninterest-bearing liabilities 2 202 2 304 2 134
Total non-current liabilities 257 312 238 530 252 132
Current liabilities
Trade payables and other liabilities 28 439 27 981 27 809
Advance payments received 1 056 5 239 1 577
Derivative liabilities 17 997 19 705 13 701
Accrued expenses and deferred income 17 631 14 701 17 098
Current tax liabilities 1 386 678 1 502
Interest-bearing provisions 3 613 3 756 3 371
Liabilities associated with assets held for sale 578 4 785 10
Total current liabilities 112 705 107 378 90 126
Total equity and liabilities 492 294 454 521 450 780

18
SUPPLEMENTARY INFORMATION
Calculation of capital employed
Intangible assets: current and non-current 25 422 22 870 18 870
Participations in associated companies and joint arrangements 5 087 5 480 4 827
Deferred and current tax assets 17 421 13 959 15 746
Non-current noninterest-bearing receivables 3 848 3 662 3 758
Contract assets 254 301 188
Inventories 13 506 12 952 13 353
Trade receivables and other receivables 32 364 28 980 26 345
Prepaid expenses and accrued income 10 361 10 854 7 853
Unavailable liquidity 3 944 5 280 3 859
Other 444 433 530
Total assets excl. financial assets 374 493 351 022 352 029
Deferred and current tax liabilities - 18 357 - 15 403 - 16 215
Other noninterest-bearing liabilities - 2 202 - 2 304 - 2 134
Contract liabilities - 8 589 - 7 819 - 8 462
Trade payable and other liabilities - 28 439 - 27 981 - 27 809
Accrued expenses and deferred income - 17 631 - 14 701 - 17 098
Total noninterest-bearing liabilities - 75 460 - 68 208 - 71 904
Other interest-bearing provisions not related to adjusted net debt1
- 11 466 - 12 278 - 11 314
Capital employed2
287 567 270 536 268 811
Capital employed, average 279 052 265 229 260 190
Calculation of net debt
Hybrid Capital - 21 098 - 20 096 - 20 164
Bond issues and liabilities to credit institutions - 49 315 - 37 272 - 38 829
Short-term debt, commercial papers and repo - 20 177 - 20 921 - 17 453
Present value of liabilities pertaining to acquisitions of Group companies - 28 - 51 - 28
Liabilities to associated companies - 562 - 638 - 733
Liabilities to owners of non-controlling interests - 10 819 - 10 490 - 10 647
Other liabilities - 11 846 - 10 141 - 9 773
Total interest-bearing liabilities - 113 845 - 99 609 - 97 627
Loans to owners of non-controlling interests in foreign Group companies 560 282 206
Net debt2
- 81 579 - 72 539 - 64 266
Calculation of adjusted gross debt and net debt
Total interest-bearing liabilities - 113 845 - 99 609 - 97 627
50% of Hybrid Capital3
10 549 10 048 10 082
Present value of pension obligations - 42 660 - 40 037 - 44 026
Provisions for gas and wind operations and other environment-related provisions - 8 965 - 7 879 - 8 571
Provisions for nuclear power (net)4
- 37 791 - 30 859 - 35 521
Margin calls received 5 809 3 833 3 706
Liabilities to owners of non-controlling interests due to consortium agreements 10 819 9 279 10 647
Adjustment related to assets/liabilities held for sale — - 668 —
Adjusted gross debt - 176 084 - 155 892 - 161 310
Reported cash and cash equivalents and short-term investments 31 706 26 788 33 155
Unavailable liquidity - 3 944 - 5 280 - 3 859
Adjusted cash and cash equivalents and short-term investments 27 762 21 508 29 296
Adjusted net debt2
- 148 322 - 134 384 - 132 014
1) Includes personnel-related provisions for non-pension purposes, provisions for tax and legal disputes and certain other provisions.
3) 50% of Hybrid Capital is treated as equity by the rating agencies, which thereby reduces adjusted net debt.
4) The calculation is based on Vattenfall’s share of ownership in the respective nuclear power plants, less Vattenfall’s share in the Swedish Nuclear Waste Fund and
liabilities to associated companies. Vattenfall has the following ownership interests in the respective plants: Forsmark 66%, Ringhals 70.4%, Brokdorf 20%, Brunsbüttel
66.7%, Krümmel 50% and Stade 33.3%. (According to a special agreement, Vattenfall is responsible for 100% of the provisions and share in the Nuclear Waste Fund
for Ringhals.)

19
Consolidated statement of cash flows
Operating activities
Tax paid - 1 307 - 681 - 1 528 - 2 154
Capital gains/losses, net 5 - 387 - 3 513 - 3 121
Interest received 68 81 329 316
Interest paid - 1 265 - 1 428 - 2 969 - 2 806
Other, incl. non-cash items - 2 166 - 383 185 - 1 598
Funds from operations (FFO) 12 235 9 789 34 949 37 395
Changes in inventories - 465 272 - 196 - 933
Changes in operating receivables - 12 179 - 8 335 - 6 294 - 10 138
Changes in operating liabilities 317 - 916 9 171 10 404
Other changes1
- 8 441 - 11 775 - 20 911 - 17 577
Cash flow from changes in operating assets and operating liabilities - 20 768 - 20 754 - 18 230 - 18 244
Investing activities
Acquisitions in Group companies - 66 - 764 - 754 - 56
Investments in associated companies and other shares and participations - 43 122 256 91
Other investments in non-current assets - 4 492 - 6 114 - 26 335 - 24 713
Total investments - 4 601 - 6 756 - 26 833 - 24 678
Divestments 49 568 7 452 6 933
Cash and cash equivalents in acquired companies — 147 148 1
Cash and cash equivalents in divested companies — — - 3 542 - 3 542
Cash flow from investing activities - 4 552 - 6 041 - 22 775 - 21 286
Cash flow before financing activities - 13 085 - 17 006 - 6 056 - 2 135
Financing activities
Changes in short-term investments 684 8 718 559 - 7 475
Changes in loans to owners of non-controlling interests in foreign Group companies - 331 200 282 - 249
Loans raised2
14 233 10 887 12 622 15 968
Amortisation of debt pertaining to acquisitions of Group companies — — - 23 - 23
Amortisation of other debt - 2 859 - 7 068 - 12 001 - 7 792
Effect of early termination of swaps related to financing activities — 228 — - 228
Dividends paid to owners — — - 3 714 - 3 714
Contribution/repaid contribution from owners of non-controlling interests - 471 - 488 - 1 138 - 1 121
Cash flow from financing activities 11 256 12 477 - 3 413 - 4 634
Cash flow for the period - 1 829 - 4 529 - 9 469 - 6 769
Cash and cash equivalents
Cash and cash equivalents at start of period 10 604 17 094 17 094 12 233
Cash and cash equivalents included in assets held for sale - 236 - 369 2 992 3 125
Cash flow for the period - 1 829 - 4 529 - 9 469 - 6 769
Translation differences 195 37 - 13 145
Cash and cash equivalents at end of period 8 734 12 233 10 604 8 734

20
SUPPLEMENTARY INFORMATION
Cash flow before financing activities - 13 085 - 17 006 - 6 056 - 2 135
Financing activities
Effects from terminating swaps related to financing activities — 228 — - 228
Dividends paid to owners — — - 3 714 - 3 714
Contribution from owners of non-controlling interests - 471 - 488 - 1 138 - 1 121
Cash flow after dividend - 13 556 - 17 266 - 10 908 - 7 198
Analysis of change in net debt
Net debt at start of period - 64 266 - 47 728 - 47 728 - 72 539
Changed accounting principle (IFRS 16) — - 4 609 - 4 609 —
Cash flow after dividend - 13 556 - 17 266 - 10 908 - 7 198
Changes as a result of valuation at fair value - 544 - 244 - 456 - 756
Changes in interest-bearing liabilities for leasing - 123 - 233 4
- 711 - 601
Interest-bearing liabilities/short-term investments acquired/divested — - 2 - 11 - 9
Cash and cash equivalents included in assets held for sale - 236 - 369 2 992 3 125
Interest-bearing liabilities associated with assets held for sale 26 - 792 - 792 26
Translation differences on net debt - 2 880 - 1 296 4
- 2 043 - 3 627
Net debt at end of period - 81 579 - 72 539 - 64 266 - 81 579
Maintenance/replacement investments - 2 332 - 3 956 - 15 148 - 13 524
Free cash flow3
- 10 865 - 14 921 1 571 5 627
1) The value pertains mainly to changes in Margin calls related to commodity derivatives.
2) Short-term borrowings in which the duration is three months or shorter are reported net.

21
INVESTMENTS
Electricity generation
Hydro power 159 167 920 912
Nuclear power 469 564 2 213 2 118
Coal power — 7 139 132
Gas 128 11 277 394
Wind power and solar PV 601 1 482 7 501 6 620
Biomass, waste 30 79 149 100
Total electricity generation 1 387 2 310 11 199 10 276
CHP/heat
Fossil-based power 194 326 2 134 2 002
Biomass, waste 3 17 94 80
Other 210 345 2 188 2 053
Total CHP/heat 407 688 4 416 4 135
Electricity networks
Electricity networks 1 507 1 045 7 071 7 533
Total electricity networks 1 507 1 045 7 071 7 533
Purchases of shares, shareholder contributions 109 642 498 - 35
Other investments 354 314 1 754 1 794
Total investments 3 764 4 999 24 938 23 703
Accrued investments, unpaid invoices (-)/
release of accrued investments (+) 837 1 757 1 895 975
Total investments with cash flow effect 4 601 6 756 26 833 24 678

22
Consolidated statement of changes in equity
31 Mar 2020 31 Mar 2019 31 Dec 2019
Amounts in SEK million
Attributable
to owner of
the Parent
Company
Attributable
to non-
controlling
interests
Total
equity
Attributable
to owner of
the Parent
Company
Attributable
to non-
controlling
interests
Total
equity
Attributable
to owner of
the Parent
Company
Attributable
to non-
controlling
interests
Total
equity
Balance brought forward 93 631 14 891 108 522 88 096 15 501 103 597 88 096 15 501 103 597
Profit for the period 6 587 313 6 900 5 7131
7071
6 420 13 173 1 688 14 861
Cash flow hedges - changes in fair value 344 — 344 - 2 112 5 - 2 107 181 — 181
Cash flow hedges - dissolved against
income statement 1 692 — 1 692 - 1 107 — - 1 107 - 5 624 - 17 - 5 641
Cash flow hedges - transferred to cost of
hedged item - 51 — - 51 - 17 — - 17 - 34 — - 34
Hedging of net investments in foreign
operations - 1 987 — - 1 987 - 963 — - 963 - 1 275 — - 1 275
Translation differences, divested
companies — — — — — — - 94 — - 94
Translation differences 4 475 538 5 013 1 838 209 2 047 2 504 224 2 728
Remeasurement pertaining to defined
benefit obligations 2 890 — 2 890 — — — - 4 443 - 134 - 4 577
Income taxes related to other
comprehensive income - 573 - 2 - 575 1 232 - 1 1 231 3 369 32 3 401
Total other comprehensive income
for the period 6 790 536 7 326 - 1 129 213 - 916 - 5 416 105 - 5 311
Total comprehensive income for the
period 13 377 849 14 226 4 584 920 5 504 7 757 1 793 9 550
Dividends paid to owners — — — — — — - 2 000 - 1 714 - 3 714
Group contributions from(+)/to(-) owners
of non-controlling interests — — — — — — — 30 30
Contribution to/from minority interest — - 471 - 471 — - 488 - 488 — - 1 138 - 1 138
Other changes in ownership — — — — — — — 197 197
Other changes — — — — — — - 222 222 —
Total transactions with equity holders — - 471 - 471 — - 488 - 488 - 2 222 - 2 403 - 4 625
Balance carried forward 107 008 15 269 122 277 92 680 15 933 108 613 93 631 14 891 108 522
- Of which, Reserve for hedges - 1 293 20 - 1 273 - 1 760 39 - 1 721 - 3 147 22 - 3 125

23
Key ratios, Vattenfall Group
In % unless otherwise stated. (x) means times1
2020 2019 2019 months
Operating margin 25.6 16.5 13.3 15.9
Operating margin2
21.2 19.5 15.1 15.5
Pre-tax profit margin 18.5 15.9 11.0 11.7
Pre-tax profit margin2
14.1 18.9 12.8 11.3
Return on equity 14.4 3
13.8 3,4
14.0 14.4
Return on capital employed 9.4 3
7.1 3
8.5 9.4
Return on capital employed2
9.2 3
7.6 3
9.6 9.2
EBIT interest cover (x) 4.5 3
5.1 3
5.3 4.5
EBIT interest cover (x)2
4.4 3
5.4 3
6.0 4.4
FFO interest cover (x) 6.9 3
7.2 3
9.3 6.9
FFO interest cover, net (x) 9.8 3
9.5 3
10.3 9.8
Cash flow interest cover after maintenance investments (x) 2.0 3
5.5 3
1.5 2.0
FFO/gross debt 32.8 3
24.4 3
35.8 32.8
FFO/net debt 45.8 3
33.5 3
54.4 45.8
FFO/adjusted net debt 25.2 3
18.1 3
26.5 25.2
EBITDA/net financial items (x) 13.7 16.5 11.2 11.0
EBITDA/net financial items (x)2
11.9 18.5 11.6 10.5
Equity/Total assets 24.8 23.9 24.1 24.8
Gross debt/equity 93.1 91.7 90.0 93.1
Net debt/equity 66.7 66.8 59.2 66.7
Gross debt/gross debt plus equity 48.2 47.8 47.4 48.2
Net debt/net debt plus equity 40.0 40.0 37.2 40.0
Net debt/EBITDA (x) 1.7 3
2.0 3
1.5 1.7
Adjusted net debt/EBITDA (x) 3.2 3
3.7 3
3.1 3.2
2) Based on Underlying operating profit.

24
Quarterly information, Vattenfall Group
Q1 Q4 Q3 Q2 Q1
Amounts in SEK million 2020 2019 2019 2019 2019
Income statement
Net sales 48 160 46 179 35 938 34 691 49 552
Operating profit before depreciation, amortisation and impairment losses (EBITDA) 16 900 8 844 13 499 7 515 12 587
Underlying Operating profit before depreciation, amortisation and impairment losses 14 773 13 165 8 416 8 268 14 092
Operating profit (EBIT) 12 313 2 427 8 677 2 869 8 168
Underlying operating profit 10 187 8 207 3 594 3 622 9 673
Profit before income taxes 8 895 173 7 798 2 490 7 861
Profit for the period 6 900 488 6 700 1 253 6 420
- of which, attributable to owner of the Parent Company 6 587 151 6 375 935 1
5 713 1
- of which, attributable to non-controlling interests 313 337 325 318 1
707 1
Balance sheet
Non-current assets 365 151 354 194 354 122 349 931 343 569
Short-term investments 22 972 22 551 21 156 17 330 14 555
Cash and cash equivalents 8 734 10 604 12 773 11 676 12 233
Other current assets 95 437 63 431 58 339 75 095 84 164
Total assets 492 294 450 780 446 390 454 032 454 521
Equity 122 277 108 522 109 461 104 815 108 613
- of which, attributable to owner of the Parent Company 107 008 93 631 94 385 90 128 1
92 680 1
- of which, attributable to non-controlling interests 15 269 14 891 15 076 14 687 1
15 933 1
Hybrid Capital 21 098 20 164 20 622 20 272 20 096
Other interest-bearing liabilities 92 747 77 463 73 199 81 441 79 513
Pension provisions 42 660 44 026 48 321 44 560 40 037
Other interest-bearing provisions 107 183 105 766 98 952 98 983 98 076
Contract liabilities 8 589 8 462 8 391 8 163 7 819
Deferred tax liabilities 16 971 14 713 14 406 14 297 14 725
Other noninterest-bearing liabilities 80 769 71 664 73 038 81 501 85 642
Total equity and liabilities 492 294 450 780 446 390 454 032 454 521
Capital employed 287 567 268 811 265 390 270 533 270 536
Net debt - 81 579 - 64 266 - 59 648 - 72 455 - 72 539
Cash flow
Funds from operations (FFO) 12 235 11 520 7 583 6 057 9 789
Cash flow from changes in operating assets and operating liabilities - 20 768 - 6 530 6 026 3 028 - 20 754
Cash flow from operating activities - 8 533 4 990 13 609 9 085 - 10 965
Cash flow from investing activities - 4 552 - 9 557 - 1 497 - 5 680 - 6 041
Cash flow before financing activities - 13 085 - 4 567 12 112 3 405 - 17 006
Changes in short-term investments 684 - 1 913 - 3 636 - 2 610 8 718
Loans raised/Amortisation of debt, net, etc. 10 572 4 754 - 9 984 1 214 3 759
Dividends paid to owners — - 266 - 822 - 2 627 —
Cash flow from financing activities 11 256 2 575 - 14 442 - 4 023 12 477
Cash flow for the period - 1 829 - 1 992 - 2 330 - 618 - 4 529
Free cash flow - 10 865 - 1 171 10 940 6 725 - 14 921

25
Q1 Q4 Q3 Q2 Q1
In % unless otherwise stated. (x) means times1
2020 2019 2019 2019 2019
Key ratios
Return on equity 14.4 14.0 16.8 12.04
13.84
Return on capital employed2
9.4 8.5 9.2 7.1 7.1
Return on capital employed2, 3
9.2 9.6 8.3 7.5 7.6
EBIT interest cover (x)2
4.5 5.3 6.0 5.1 5.1
EBIT interest cover (x)2, 3
4.4 6.0 5.4 5.4 5.4
FFO/gross debt2
32.8 35.8 32.7 25.9 24.4
FFO/net debt2
45.8 54.4 51.5 36.4 33.5
FFO/adjusted net debt2
25.2 26.5 24.5 19.2 18.1
Equity/assets ratio 24.8 24.1 24.5 23.1 23.9
Gross debt/equity 93.1 90.0 85.7 97.0 91.7
Net debt/equity 66.7 59.2 54.5 69.1 66.8
Net debt/net debt plus equity 40.0 37.2 35.3 40.9 40.0
Net debt/EBITDA (x)2
1.7 1.5 1.4 2.0 2.0
Adjusted net debt/EBITDA (x)2
3.2 3.1 3.0 3.7 3.7
3) Based on Underlying operating profit.

26
NOTE 1 | Accounting policies, risks and uncertainties
Accounting policies
The consolidated accounts for 2020 have been prepared, as for the 2019
year-end accounts, in accordance with International Financial Reporting
Standards (IFRS) as endorsed by the EU, and the Swedish Annual
Accounts Act. This interim report for the Group has been prepared in
accordance with IAS 34 – “Interim Financial Reporting”, and the Swedish
Annual Accounts Act. The accounting policies and calculation methods
applied in this interim report are the same as those described in
Vattenfall’s 2019 Annual and Sustainability Report in Note 3 to the
consolidated accounts, Accounting policies. Amended IFRSs endorsed
by the EU for application in the 2020 financial year have no significant
effect on Vattenfall’s financial statements.
Risks and uncertainties
For a description of risks, uncertainties and risk management, please
refer to Vattenfall’s 2019 Annual and Sustainability Report, pages 62-71.
Apart from the information provided under “Important events” in this
report , no other material changes have taken place since the publication
of the Annual and Sustainability Report. Furthermore, the group
assesses that materialized risks following the outbreak of Covid-19 are
still in line with Vattenfall’s risk assessments for the Annual and
Sustainability Report 2019. However the probability of further downside
events has significantly increased compared to the pre-Covid-19 world
Other
Significant related-party transactions are described in Note 44 to the
consolidated accounts in Vattenfall’s 2019 Annual and Sustainability
Report. No material changes have taken place in relations or
transactions with related parties compared with the description in
Vattenfall’s 2019 Annual and Sustainability Report. In addition to the
significant contingent liabilities described in Note 40 to the consolidated
accounts in Vattenfall’s 2019 Annual and Sustainability Report, the
Nuclear Power plant Kernkraftwerk Krümmel GmbH & Co. OHG, in
which Vattenfall has a shareholding of 50%, sold additional production
rights during the first quarter 2020 to the co-shareholder PreussenElektra
GmbH. Vattenfall’s share of the sales price for the production rights sold
in the first quarter is SEK 1.6 billion. The price for all production rights
sold is subject to a court proceeding initiated by PreussenElektra. Should
a lower price be confirmed by the court, a repayment has to be made.
NOTE 2 | Exchange rates
KEY EXCHANGE RATES APPLIED IN THE ACCOUNTS OF THE VATTENFALL GROUP
Jan-Mar Jan-Mar Full year
2020 2019 2019
Average rate
EUR 10.7147 10.3775 10.5572
DKK 1.4342 1.3902 1.4140
GBP 12.4881 11.9094 12.0391
USD 9.6949 9.1061 9.4180
2020 2019 2019
Balance sheet date rate
EUR 11.0613 10.3980 10.4468
DKK 1.4813 1.3929 1.3982
GBP 12.4785 12.1147 12.2788
USD 10.0961 9.2550 9.2993

27
NOTE 3 | Financial instruments by measurement category and related effects on income
For assets and liabilities with a remaining maturity less than three
months (e.g., cash and bank balances, trade receivables and other
receivables and trade payables and other payables), fair value is
considered to be equal to the carrying amount. For other shares and
participations the fair value is approximated by using cost.
The carrying amounts of financial assets do not differ significantly from
their fair values. The difference between carrying amounts and fair
values for financial liabilities amounts to SEK 4,414 million (31 December
2019: 7,580).
Financial instruments that are measured at fair value on the balance
sheet are described below according to the fair value hierarchy (levels),
which in IFRS 13 is defined as:
Level 1: Quoted prices (unadjusted) in active markets for identical assets
or liabilities.
Level 2: Inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices). In Level 2 Vattenfall reports
mainly commodity derivatives, currency-forward contracts and interest
rate swaps.
Level 3: Inputs for the asset or liability that are not based on observable
market data.
FINANCIAL ASSETS AND LIABILITIES THAT ARE MEASURED AT FAIR VALUE ON THE BALANCE SHEET AT 31 MARCH 2020
Amounts in SEK million Level 1 Level 2 Level 3 Total
Assets
Share in the Swedish Nuclear Waste Fund 44 260 — — 44 260
Derivative assets — 27 203 384 27 587
Short-term investments, cash equivalents and other shares and participations 15 150 9 278 — 24 428
Total assets 59 410 36 481 384 96 275
Liabilities
Derivative liabilities — 29 461 16 29 477
Total liabilities — 29 461 16 29 477
FINANCIAL ASSETS AND LIABILITIES THAT ARE MEASURED AT FAIR VALUE ON THE BALANCE SHEET AT 31 DECEMBER
2019
Amounts in SEK million Level 1 Level 2 Level 3 Total
Assets
Share in the Swedish Nuclear Waste Fund 42 038 — — 42 038
Derivative assets — 37 905 1 37 906
Short-term investments, cash equivalents and other shares and participations 15 471 13 361 — 28 832
Total assets 57 509 51 266 1 108 776
Liabilities
Derivative liabilities — 41 191 96 41 287
Total liabilities — 41 191 96 41 287

28
The Parent Company Vattenfall AB
Accounting policies
The Parent Company Vattenfall AB’s accounts are prepared in
accordance with the Swedish Annual Accounts Act and recommendation
RFR 2 – Accounting for Legal Entities, issued by the Swedish Financial
Reporting Board. The accounting policies used in this interim report are
the same as those described in Vattenfall’s 2019 Annual and
Sustainability Report, Note 3 to the Parent Company accounts,
Accounting policies. New accounting policies applicable from 1 January
2020 has had no significant effect on the Parent Company’s financial
statements.
January – March 2020
A condensed income statement and balance sheet for the Parent
Company are presented below.
• Net sales amounted to SEK 20,166 million (15,757).
• Profit before appropriations and income taxes was SEK 10,016
million (7,021).
• Earnings are positively impacted by unrealized changes in fair value
of energy derivatives.
• The balance sheet total was SEK 287,112 million (31 December
2019: 282,662).
• Investments during the year amounted to SEK 175 million (255),
• Cash and cash equivalents, and short-term investments amounted
to SEK 27,595 million (31 December 2019: 28,573).
Presentation of Parent Company income statements
See Note 1 to the consolidated accounts, Accounting policies, risks and
uncertainties.
Risks and uncertainties
See Note 1 to the consolidated accounts, Accounting policies, risks and
uncertainties.
Other
Significant related-party transactions are described in Note 44 to the
consolidated accounts, Related party disclosures, in Vattenfall’s 2019
Annual and Sustainability Report. No material changes have taken place
in relations or transactions with related parties compared with the
description in Vattenfall’s 2019 Annual and Sustainability Report.

29
Parent Company income statement
Net sales 20 166 15 757 49 807 54 216
Cost of purchases - 6 792 - 6 383 - 28 256 - 28 665
Other external expenses - 1 120 - 699 - 3 697 - 4 118
Personnel expenses - 604 - 611 - 2 083 - 2 076
Other operating incomes and expenses, net - 235 66 160 - 141
Depreciation, amortisation and impairments - 143 - 122 - 525 - 546
Result from participations in subsidiaries — — 8 226 8 226
Result from participations in associated companies — — 1 1
Other financial income 30 425 1 592 1 197
Other financial expenses - 1 286 - 1 412 - 4 137 - 4 011
Profit before appropriations and income taxes 10 016 7 021 21 088 24 083
Appropriations 115 713 498 - 100
Profit before income taxes 10 131 7 734 21 586 23 983
Income taxes - 2 143 - 1 670 - 2 890 - 3 363

30
Parent Company balance sheet
Assets
Non-current assets
Intangible assets: non-current 374 191 333
Shares and participations 160 549 149 792 160 465
Deferred tax assets — 1 173 762
Other non-current receivables 70 285 64 525 66 195
Total non-current assets 236 471 220 373 233 028
Current assets
Inventories 403 273 383
Intangible assets: current 286 530 168
Current receivables 21 998 20 464 20 510
Current tax assets 359 — —
Total current assets 50 641 47 677 49 634
Total assets 287 112 268 050 282 662
Equity, provisions and liabilities
Equity
Restricted equity
Share capital (131,700,000 shares with a share quota value of SEK 50) 6 585 6 585 6 585
Revaluation reserve 37 989 37 989 37 989
Other reserves 1 313 1 358 1 480
Non-restricted equity
Retained earnings 65 341 48 601 46 479
Profit for the period 7 988 6 064 18 696
Total equity 119 216 100 597 111 229
Untaxed reserves 11 483 11 040 11 598
Provisions 5 286 5 276 5 219
Non-current liabilities
Hybrid capital 21 100 20 100 20 167
Deferred tax liabilities 1 310 — —
Total non-current liabilities 70 902 70 346 72 809
Current liabilities
Hybrid capital — — —
Current tax liabilities 41 80 249
Total current liabilities 80 225 80 791 81 807
Total equity, provisions and liabilities 287 112 268 050 282 662

31
Definitions and calculations of key ratios
Alternative Performance Measures
In order to ensure a fair presentation of the Group’s operations, the
Vattenfall Group uses a number of Alternative Performance Measures
that are not defined in IFRS or in the Swedish Annual Accounts Act. The
Alternative Performance Measures that Vattenfall uses are described
below, including their definitions and how they are calculated. The
Alternative Performance Measures used are unchanged compared with
earlier periods.
Definition
EBIT: Operating profit (Earnings Before Interest and Tax)
EBITDA: Operating profit before depreciation, amortisation and impairment losses (Earnings Before Interest, Tax,
Depreciation and Amortisation)
Items affecting comparability: Capital gains and capital losses from shares and other non-current assets, impairment losses and reversed
impairment losses and other material items that are of an infrequent nature. Also included here are, for trading
activities, unrealised changes in the fair value of energy derivatives, which according to IFRS 9 cannot be
recognised using hedge accounting and unrealised changes in the fair value of inventories. See Consolidated
income statement for a specification of items affecting comparability.
Underlying EBITDA: Underlying operating profit before depreciation, amortisation and impairment losses. This measure is intended to
provide a better view on the operating result by excluding items affecting comparability that are of an infrequent
nature, while also excluding non-cash depreciation and amortisation.
Underlying operating profit: Operating profit (EBIT) excluding items affecting comparability. This measure is intended to provide a better view
on the operating result by excluding items affecting comparability that are of an infrequent nature.
FFO: Funds From Operations, see Consolidated statement of cash flow
Free cash flow: Cash flow from operating activities less maintenance investments
Interest-bearing liabilities See Consolidated balance sheet - Supplementary Information
Net debt: See Consolidated balance sheet - Supplementary Information
Adjusted net debt: See Consolidated balance sheet - Supplementary Information
Capital employed: Total assets less financial assets, noninterest-bearing liabilities and certain other interest-bearing provisions not
included in adjusted net debt. see Consolidated balance sheet - Supplementary Information
Other definitions Definition
Hybrid Capital: Perpetual subordinated securities, junior to all Vattenfall’s unsubordinated debt instruments.
LTIF: Lost Time Injury Frequency (LTIF) is expressed in terms of the number of lost time work injuries (per 1 million
hours worked), i.e., work-related accidents resulting in absence longer than one day, and accidents resulting in
fatality.
CALCULATION OF EBITDA, UNDERLYING EBITDA AND UNDERLYING EBIT
Depreciation, amortisation and impairment losses - 4 587 - 4 419 - 20 304 - 20 472
Items affecting comparability excl. impairment losses and reversed impairment losses - 2 127 1 505 1 495 - 2 137
Items affecting comparability - 2 126 1 505 2 954 - 677

32
The key ratios are presented as percentages (%) or times (x).
KEY RATIOS BASED ON CONTINUING OPERATIONS AND LAST 12-MONTH VALUES APRIL 2019 – MARCH 2020
Operating margin, % = 100 x
EBIT 26 286
= 15.9
Net sales 164 968
Operating margin excl items
= 100 x
Underlying EBIT 25 609
= 15.5
affecting comparability, % Net sales 164 968
Pre-tax profit margin, % = 100 x
Profit before income taxes 19 356
= 11.7
Net sales 164 968
Pre-tax profit margin excl items
= 100 x
Profit before income taxes excl items affecting comparability 18 682
= 11.3
affecting comparability, % Net sales 164 968
Return on equity, % = 100 x
Profit for the period attributable to owner of the Parent Company 14 047
= 14.4
Average equity for the period attributable to owner of the 97 882
Parent Company excl the Reserve for cash flow hedges
Return on capital employed, % = 100 x
EBIT 26 286
= 9.4
Capital employed, average 279 052
Return on capital employed excl
= 100 x
Underlying EBIT 25 609
= 9.2
items affecting comparability, % Capital employed, average 279 052
EBIT + financial income excl return from the Swedish Nuclear
EBIT interest cover, (x) =
Waste Fund 28 338
= 4.5
Financial expenses excl discounting effects attributable to 6 300
provisions
Underlying EBIT + financial income excl Return
EBIT interest cover excl Items = from the Swedish Nuclear Waste Fund 27 661 = 4.4
affecting comparability, (x) Financial expenses excl discounting effects attributable to 6 300
provisions
FFO + financial expenses excl
FFO interest cover, (x) =
discounting effects attributable to provisions 43 695
= 6.9
Financial expenses excl discounting effects attributable to 6 300
provisions
FFO + financial items net excl discounting effects attributable
FFO interest cover, net, (x) =
to provisions and return from the Swedish Nuclear Waste Fund 41 643
= 9.8
Financial items net excl discounting effects attributable to 4 248
provisions and return from the Swedish Nuclear Waste Fund

33
Cash flow from operating activities less maintenance
investments + financial expenses excl Discounting
Cash flow interest cover after
=
effects attributable to provisions and interest components
related to pension costs 11 141
= 2.0maintenance investments, (x) Financial expenses excl discounting effects attributable to 5 514
provisions and interest components related to pension costs
FFO/gross debt, % = 100 x
FFO 37 395
= 32.8
Interest-bearing liabilities 113 845
FFO/net debt, % = 100 x
FFO 37 395
= 45.8
Net debt 81 579
FFO/adjusted net debt, % = 100 x
FFO 37 395
= 25.2
Adjusted net debt 148 322
EBITDA/net financial
=
EBITDA 46 758
= 11.0
items, (x) Financial items net excl discounting effects attributable to 4 248
provisions and return from the Swedish Nuclear Waste Fund
EBITDA excl items affecting
=
EBITDA excl items affecting comparability 44 621
= 10.5
comparability/net financial Financial items net excl discounting effects attributable to 4 248
items, (x) provisions and return from the Swedish Nuclear Waste Fund
KEY RATIOS BASED ON THE BALANCE SHEET PER 31 MARCH 2020
Equity/total assets, % = 100 x
Equity 122 277
= 24.8
Balance sheet total 492 294
Gross debt/equity, % = 100 x
= 93.1
Equity 122 277
Net debt/equity, % = 100 x
Net debt 81 579
= 66.7
Equity 122 277
Gross debt/gross debt
= 100 x
= 48.2
equity, % Interest-bearing liabilities + equity 236 122
Net debt/net debt plus
= 100 x
Net debt 81 579
= 40.0
equity, % Net debt + equity 203 856
Net debt/EBITDA, (x) =
Net debt 81 579
= 1.7
EBITDA 46 758
Adjusted net debt/
=
Adjusted net debt 148 322
= 3.2
EBITDA, (x) EBITDA 46 758

34
This is information is such that Vattenfall AB is obliged to make public in accordance with the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on 29 April
2020. This report has been prepared in both Swedish and English versions. In the event of discrepancies between the two versions,
the Swedish version shall govern.
Interim report signature
Solna, 29 April 2020
Magnus Hall
President and CEO
This interim report has not been reviewed by the company’s
auditor.
Financial calendar
Interim report January-June, 21 July 2020
Interim report January-September, 27 October 2020
Year-end report 2020, 4 February 2021 (preliminary)
Contact information
Vattenfall AB (publ)
SE-169 92 Stockholm
Corporate identity number 556036-2138
T +46-8-739 50 00
www.vattenfall.com
www.vattenfall.se
Magnus Hall
President and CEO
T +46-8-739 50 09
Anna Borg
CFO
T +46-8-739 64 28
Johan Sahlqvist
Head of Investor Relations
T +46-8-739 72 51
Vattenfall’s press office
T +46-8-739 50 10
press@vattenfall.com

Q1 2020: Interim report January-March

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